DRILLING MIDLAND: The Price Of Oil Is King [Video]
Permian Basin Museum Director Kathy Shannon knows the oil industry inside and out. As a lifelong resident of Midland, she has seen the best of times and the worst of times in the oil industry. Much of it comes back to the price of oil. Six major factors play into the cost of oil and legacy lawsuits are only the tip of the iceberg.
The Delaware Basin in far west Texas could be the site of the next big oil boom for our neighbors in Texas. It could also mean that the recent trend of Louisiana workers fleeing the state will continue. Bryan Boustany is one of those workers who is not only working in Midland. He has started his own business doing non-destructive testing on the ground in Midland.
People we talked to in Midland confirmed all the reports about skyrocketing salaries and housing costs. According to Boustany, that's all worth it for the amount of work that is available in the Permian Basin. Watch our full interview with Bryan Boustany below.
Ralph McIngvale is another business owner who left Louisiana. He says it's the best business climate he's ever seen. Ralph McIngvale can't build units fast enough to keep up with the demand. Watch episode 2 of our series below:
A recent survey by Rent Cafe showed Midland had the highest year-over-year jump in the cost of housing. That number: a whopping 31.9 percent. That is due in major part to the scarcity of housing for all the new workers in the area. A quick tour of the property shows that it's a community. It's not bad for someone living away from family.
Watch our full sit-down interview with Ralph McIngvale below.
You can watch the full Drilling Midland series at KPEL965.com.
Episode 1: Welcome to Midland
Search "Drilling Midland" Drilling Midland is presented by Ardco Equipment. Travel consideration is provided by Cetera Advisor Chris Quebedeau and A&P Electric Service.